Reception for Gov Purdue, delegation to introduce Longistics partnership in Suzhou.
Top 10 Findings: Creating a Winning Business in China
Published in the News & Observer
http://www.newsobserver.com/2011/09/18/1494316/china-challenges-western-entrepreneurs.html
It is important to note that China is making moves to invest in doing business in NC as seen in XY International’s partnership with The Hamner Institute. Announced at the NC-China Trade & Investment Seminar, the Biosciences Partnership will involve a one million square foot global translational biosciences research, technology, and business development cluster to be built on the Institute's campus. At the start of 2011, a delegation from China paid the Triangle a visit for a signing ceremony before heading to D.C. for the first state dinner for President Hu.
"The Chinese are very sophisticated in their planning and have seen NC and RTP as an excellent place for them to do business," commented Duane Long, co-founder and chairman of Longistics, a provider of global logistics services headquartered in Research Triangle Park. "They describe NC 'like a garden' - they love to be here. We are becoming a destination." He adds that "Lenovo is a large influence on the Chinese mindset - they are very well respected in China. Their executives back in Beijing are saying great things about NC."
Working with China can positively benefit the U.S. and North Carolina. What Duke Energy is doing can create jobs in NC and other regions they serve. CTO David Mohler explains, "if our electric car maker partner BYD manufactures here, they could build a plant here and create jobs. We aren't shipping jobs to China. A lot of Chinese investment is coming here. 70% of the jobs/value go wherever the asset goes."
He concluded our interview with his observation, "China and Chinese people are not what we in the west think. We have a vision of the 1960s and the Cultural Revolution. Now China is a hugely dynamic country. Deng Xiao Ping made huge changes and introduced a market economy with great leaders. His philosophy was to 'cross the river by feeling the stones 摸着石头过河'. "
Originally this meant to move ahead with economic reforms slowly and pragmatically, and has more recently come to exemplify capitalism and taking entrepreneurial risk. If you are not certain in trying something new, just make it across the river by feeling the stones.
The underlying proposition of this series is that the goal for new entrants is to minimize risk while at the same time positioning for maximum future gain. In the coming weeks, this series will present the top ten strategies for establishing a successful business presence in China based on the research of Savvy Marketing Group's China practice team and interviews with ten distinct N.C. companies.
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